Bayern, Dortmund among 4 Bundesliga teams to create 20m euros fund for clubs in Covid-19 crisis

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Dortmund said the four clubs, which participated in the Champions League this season, will forfeit their share of the national media's revenue, approximately € 12.5 million, and add an additional € 7.5 million.

Image for representation (Reuters Photo)

HIGHLIGHT

  • 4 Bundeslgia clubs unite to create a solidarity fund in the midst of a financial crisis
  • The executive committee of the German Bundesliga recommended suspending the seasons until April 30
  • The Covid-19 pandemic has had a serious impact on the world sports calendar

Borussia Dortmund, Bayern Munich, RB Leipzig and Bayer Leverkusen have teamed up to create a € 20 million ($ 21.92 million) solidarity fund to help German clubs at the top two levels avoid a possible financial crisis during the pandemic of coronavirus.

The Bundesliga and Germany's second division will resume in April, but the organizing body's executive committee (DFL) recommended suspending the season until at least April 30, further impacting club revenues across the country.

Dortmund said the four clubs, which participated in the Champions League this season, will forfeit their share of the national media's revenue, approximately € 12.5 million, and add an additional € 7.5 million.

"We are prepared to help other professional football clubs if it is ultimately about cushioning the financial effects of the pandemic," Dortmund CEO Hans-Joachim Watzke said in a statement.

Dortmund is no stranger to an economic crisis, with the club nearly bankrupt in 2005, before Bayern came to its rescue with an interest-free loan to pay its players' wages.

The DFL Executive Committee will decide the criteria for the distribution of the solidarity fund.

"The DFL Executive Committee is very grateful to the four Champions League participants for their gesture towards our club community," said Executive Committee spokesman Christian Seifert.

"This initiative shows that solidarity is more than just lip service in the Bundesliga and Bundesliga 2."

Borussia Moenchengladbach's players and coaching staff became the first in Germany to accept pay cuts during the coronavirus crisis earlier this month, while Union Berlin players also agreed to go without their wages.

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